MineBitShares primary purpose is to attract new users to BitShares and BitAssets by offering miners the most profitable multi-pool mining experience along with the stability and yield benefits of virtually mining BitAssets.

The delegate fees will be used to cover the infrastructure and running costs of running the pool, pool development (my time and bounties) and will allow the pool to continue to operate with a 0% pool fee to improve profitability and so attract new users.

This proposal is to replace the two current 3% minebitshares delegates with a single 100% delegate.

Business CaseThe business case for supporting minebitshares is primarily based on the the value of the pool’s contribution to marketing BitShares to new users.

Since the pool relaunch 1 month ago and the change to BitUSD payouts, 0% pool fee and bytemasters bonus we’ve had some great results:

And we’ve paid out over $5,870 in bitUSD in 946 separate payout transactions for the month.

We very much expect to continue to be a top referrer, converting crypto miners to BitShares/BitAssets users and community members.

A secondary business case is in supporting other BitShares community/delegate projects by providing liquidity and customers.

We’ve been testing and in discussions with the https://www.metaexchange.info team in using their service to source the payout BitAssets in exchange for the BTC the pool miners earn. Future plans could allow miners to be paid in any future asset supported by metaexchange including BitSilver.

And we’ve had discussions with Gentso1 of http://cryptosmith.info for cross-marketing and finding a way for miners to effectively mine physical Silver or Gold with payouts in BitSilver exchanged at cryptosmith.

Eventually referral and affiliate fees with integration partners such as metaexchange, cryptosmith may be enough to fund the pool operating costs and remove the need for delegate pay, while still keeping the pool fees at 0%.

Development and future plans

The pool development plans are all focussed on attracting new miners, increasing average pool hash-rate and earnings resulting in increased exposing to BitShares and BitAssets to the crypto community.

We’ve just completed the ‘MineBitShares free guide to boosting your X11 mining hashrate and profitability by up to 70%’ (http://pool.minebitshares.com/x11boost) a detailed step-by-step guide which will be marketed to the crypto community to attract new miners and users of bitshares. We’re working with rgcrypto and the team to help maximise the effectiveness of this immediate campaign.

The next focus for pool development is now to develop the pool profitability API which will enable us to be listed on the pool profitability comparison site http://poolpicker.eu. Essentially free-advertising which will show how profitable we are in comparison to the the big mining pools and so attract more miners and BitShares users.

Other developments plans include:

Marketing the pool to our Chinese community, potentially with a dedicated pool based in Asia with Chinese language support. Pool integration with MetaExchage for BitUSD purchases and payouts with potential future payouts in any BitAsset supported by MetExchange.SHA256 also mining support to bring in a new set of miners and revenue streamCryptoSmith affiliation to allow ‘MineBitShares miners to mine real Silver and Gold’Pool usability improvements - worker payout history/searching, updated pool charts and stats.

How delegate funds will be used

Primarily to pay the infrastructure costs for the following, the AWS bill alone for all the pool /delegate infrastructure costs are currently averaging $550 US per month:

And we’ve had discussions with Gentso1 of http://cryptosmith.info for cross-marketing and finding a way for miners to effectively mine physical Silver or Gold with payouts in BitSilver exchanged at cryptosmith.

And we’ve had discussions with Gentso1 of http://cryptosmith.info for cross-marketing and finding a way for miners to effectively mine physical Silver or Gold with payouts in BitSilver exchanged at cryptosmith.

can you simulate a virtual POW coin using BTS user asset . as the real POW coin,people use their HASH power to keep network and block chain safety. meanwhile block chain inflate coin as the reward to miner with HASH power .now create a user asset on BTS system , so user asset should inflate coin as the reward to miner with HASH power , so my idea as follow :1. create a user asset on BTS, set the total supply . how many supply per day , and halve time. and block interval as the real POW coin 2.release pool of mining this coin /asset. use the hash power to mine other POW coin and sell the POW coin and exchange to BTS and buy asset using this BTS 3.send the coin /asset to miner ACC. to HASH power 4.all the miner share all the supply in block interval , so there simulate a virtual different for this virtual POW asset .